lilrowo Posted September 16, 2003 Report Share Posted September 16, 2003 I have settled one credit card for 65% (it was a c/o on my credit report) and I'm in the process of trying to settle other accounts. I have a limited amount of $ to work with, and plan on paying some of my lower balance cc in full, especially the ones that I was able to keep up with the payments. The one that I settled will show up as "settled for less than full amount", and they other oc that I'm negotiating refuses to report it as anything but "settled". When these settlements show up on my credit report, what will happen with the ones that I kept up to date and paid in full? Will they close my accounts because I have settled for less with some of the others, the way they all lowered my credit limits even though they were paid regularly?Also, is it possible to work on getting these settled accounts deleted from my credit reports down the road a bit? I appreciate any input! Link to comment Share on other sites More sharing options...
md Posted September 16, 2003 Report Share Posted September 16, 2003 Yes it is quite possible and within their rights to close your accounts based on changes in your credit reports.Very difficult to get them to report differently. Is it still showing as a charge-off? If not, then consider yourself lucky as that it worse than settled.As soon as you are done settling get working immediately on trying to get those derogs deleted. However, doing so before your final settlement agreement is reached may put you in a less favorable position to settle as they will not know that you have settled with other creditors, but will only see the Paid As Agreed with those ones you kept current. If your credit looks good then why would they settle? Just look at it from their point of view.How much money do you have to settle with and what are the balances of the accounts you want to settle? Or even percentages? Which creditors? Link to comment Share on other sites More sharing options...
lilrowo Posted September 16, 2003 Author Report Share Posted September 16, 2003 Yes, it's still showing as a charge-off, but it hasn't been that long that I paid it, only a couple of weeks. I have at least 10 cards to pay off, and made a loan, but it won't cover every one of them in full. The one's that I want to settle are the ones with the highest balance. They have gone a lot higher because I couldn't pay them for a while, so the late fees and over the limit charges really shot the balances sky high, because when my credit report went down the tubes, they lowered the limits on all the cards and started adding over the limit fees. The ones I want to settle are Fleet, which I am waiting for approval for about 55%, and Chase, which I have yet to make an offer, and Discover, which I have two different accounts. The Chase card isn't that late, but it was in the past. I posted on another topic (in credit repair) about this one. It was a card that I had paid off, and then later transferred the balance from a higher interest card. Before I paid it off, it had credit insurance on it. After quite a few months, when I transferred the balance, they automatically added the credit insurance back on it which added significantly to the balance. Is this something that they can do?We made a home equity loan and had to pay off my first mortgage, paid the settlement on the charge off account, and paid off one card so far. I may have enough left to pay the smaller up to date cards off, and possibly up to 50% on the cards I want to settle. So, it depends on who will settle and for what amount to be able to determine how much I can pay. I hope this makes sense, and thanks! Link to comment Share on other sites More sharing options...
md Posted September 16, 2003 Report Share Posted September 16, 2003 Why pay the up-to-date cards off? Your money would be better spent applying it towards settlements on the larger accounts. Try (with all of your accounts) and getting the late fees, over-the-limit fees, and finance charges reduced and some of it credited.Did you ever cancel the credit insurance? If not, then sure they can keep charging you for it. It may have taken a billing cycle before it started charging you again since you had a zero balance. It will most likely continue to show as a charge-off unless you are able to successfully either get that notation removed or the whole tradeline deleted. Even if you paid a settlement on it, the account was still charged-off.Fleet should go for the 55%, as should Discover. Both of them may even possibly go to 50%, but don't count on it. If you get 55% take it.As for Chase, you are lucky that they are even talking settlement with you since it is such a new account. Since they are, however, that works to your advantage. Like I said, they may go lower in the next month or two. Just make sure you keep the lines of communication open with all of them, otherwise they will assign it or sell it to a CA...the last thing you need.Best of luck to you! Link to comment Share on other sites More sharing options...
lilrowo Posted September 24, 2003 Author Report Share Posted September 24, 2003 Thanks, here's an update. Fleet will settle for 55%, but will only report it as settled. I find they all pretty much refuse to report a settlement as paid or something not so damaging to the credit report. I guess it's more important right now to get them paid, and worry about the credit report later. Anybody have any success getting settled accounts removed from their CR?Also, I have asked numerous times if they will try and collect the rest or put it in the hands of a collection agency, and they say no, it will just show as settled on my CR. I am waiting on the settlement letter from them in the mail. Is the letter sufficient proof that they agreed to the settlement amount if by chance they do try to collect on the rest? Link to comment Share on other sites More sharing options...
md Posted September 25, 2003 Report Share Posted September 25, 2003 The letter and your proof of payment by the date stated in the letter.Fleet was actually very easy to get removed for me. I disputed and they sent me a letter stating that the account does not belong to me and that they will be sending an update to the CRAs. I faxed this letter to the CRAs and they deleted the tradeline. I received another letter the next day or so saying that they believe they are reporting correctly. Whatever, I had the other letter and it took care of it. 55% is what I settled for too I believe. Link to comment Share on other sites More sharing options...
lilrowo Posted October 2, 2003 Author Report Share Posted October 2, 2003 That sounds encouraging. I will have to start working on the credit repair after the settlements are done. I'll be glad when all this is paid off.Another update - Chase agreed to 50%, just waiting on the settlement letter. I think I may have screwed up with Discover. I guess it's not late enough for them to consider a lesser settlement, I am two payments behind. The most they would offer is 85%, and I can't pay that much. I guess I should have waited to mention settlement with them. They want to put me on a temporary program to lower the interest rates and payment, but I really wanted to get it paid off. Should I just wait it out, or did I mess up?Thanks! Link to comment Share on other sites More sharing options...
nativechild48 Posted October 2, 2003 Report Share Posted October 2, 2003 Chase make sure that you have everything spelled out to the letter before you give up them there dollars; you are not a person, just a number. Cut the chase and pay those bad ones off like md said CHECK THIS OUT:www.chasebanksucks.com Link to comment Share on other sites More sharing options...
lilrowo Posted October 2, 2003 Author Report Share Posted October 2, 2003 That's a little scary after reading that. I got the letter in the mail today, and just read and posted on another thread about getting a signed letter. The letter I got from Chase isn't signed by a person, it looks just like the other correspondence they've sent before. Here it is, does this look legitimate, or do I need to get something more? Chase letter Link to comment Share on other sites More sharing options...
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